If You Can Draw A Straight Line . . .

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I don't know if you'll remember me or not, but you helped me out at another forum about a year ago. I started trading stocks and you suggested I try futures. I set up an IB account to do just that and then kept right on trading stocks. I found your thread here a week or two ago, and it has since inspired me to get off my butt and give this futures game a try.

Today was day one for me. I sold short at 53 during the 9:52 EDT bar. Price broke a supply line during the 10:04 bar, but the down trend resumed before price managed to retrace back 50% of the loss. The next supply line break occurred during the 10:28 bar interval, and I exited at 1538 during the 10:45 bar interval. Price had retraced 50% of the most recet swing down, and looked to be setting up a hinge that I suspected would continue higher. It did, but I did not trade it. I like to be done by 11 - or 12 myself, so why bother?

Thanks for the kick start!

By the way, I'm new here at elitetrader.com, so my posts will probably not appear right away.

Here is my chart:
 

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Quote from fortydraws:

I don't know if you'll remember me or not, but you helped me out at another forum about a year ago. I started trading stocks and you suggested I try futures. I set up an IB account to do just that and then kept right on trading stocks. I found your thread here a week or two ago, and it has since inspired me to get off my butt and give this futures game a try.

Today was day one for me. I sold short at 53 during the 9:52 EDT bar. Price broke a supply line during the 10:04 bar, but the down trend resumed before price managed to retrace back 50% of the loss. The next supply line break occurred during the 10:28 bar interval, and I exited at 1538 during the 10:45 bar interval. Price had retraced 50% of the most recet swing down, and looked to be setting up a hinge that I suspected would continue higher. It did, but I did not trade it. I like to be done by 11 - or 12 myself, so why bother?

Thanks for the kick start!

By the way, I'm new here at elitetrader.com, so my posts will probably not appear right away.

Here is my chart:
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The gap guy. I was wondering what happened to you.

Not bad for your first day. Not bad at all.

Your posts will show up, but it may take a few hours. If you think I haven't seen one, PM me and bring it to my attention.
 
Quote from dbphoenix:

The gap guy. I was wondering what happened to you.

Not bad for your first day. Not bad at all.

Your posts will show up, but it may take a few hours. If you think I haven't seen one, PM me and bring it to my attention.
More...

That's me - the gap guy. I had hoped to be fully retired by January, and trading everyday by now, but I still work a couple of days each week and trade the other three (I feel a bit like Pacino's Michael Corleone - "Just when I thought I was out, they pull me back in!")

Here is a chart showing that little hinge/coil after the morning low that I had mentioned. I did not trade it, but it does make me feel like home to see it on the NQ. The red lines outline what I see as the "hinge," and the blue line represents the level at which I would have tried to buy had I been a buyer at the time.

I have another chart I want to post (a daily NQ) to see what you think about the way I drew a regression channel, but that will have to wait until this post is moderated.
 

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By the way, for what it's worth, my path crossed fortydraws' last year when I was arguing that one could learn how to trade in six months. In fortydraws' case, that was ten months ago, though he clearly figured it out before today.
 
Further evidence of trend change:

36514d1373056673-re-trading-off-daily-charts-0705b.png


Next week should be really interesting.
 
Quote from fortydraws:

That's me - the gap guy. I had hoped to be fully retired by January, and trading everyday by now, but I still work a couple of days each week and trade the other three (I feel a bit like Pacino's Michael Corleone - "Just when I thought I was out, they pull me back in!")

Here is a chart showing that little hinge/coil after the morning low that I had mentioned. I did not trade it, but it does make me feel like home to see it on the NQ. The red lines outline what I see as the "hinge," and the blue line represents the level at which I would have tried to buy had I been a buyer at the time.
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Yes, but don't overlook the hinge from 0830 to 0847. Granted it's premkt, but so many of the best ops have been occurring outside of NY hours.
 
Quote from dbphoenix:

Yes, but don't overlook the hinge from 0830 to 0847. Granted it's premkt, but so many of the best ops have been occurring outside of NY hours.
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That was an interesting one for me. I had drawn a regression channel on the daily, and on the chart I posted, the red line that is passing through the midpoint of that hinge is the upper line of that channel. Without a doubt it was a missed opportunity on my part. In fact, I was too slow to act when price tested the lower range of that premkt hinge as resistance, but I was ready for the second test.
I'll post the daily tomorrow I don't have the chart on this computer but I'll post it tomorrow.
 
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